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The Renaissance Zone is a state designation that allows for the creation of tax exempt zones designed to spur growth in eleven economically distressed Michigan communities. These zones are virtually tax free for any business or resident presently in or moving into a renaissance zone.Businesses and individuals in a state-approved renaissance zone may be eligible for exemptions of the taxes noted below: STATE TAXES WAIVED: Personal IncomeTaxLOCAL TAXES WAIVED: Local IncomeTaxA business will still pay unemployment insurance, social security taxes, worker's compensation, sewer and water fees, which are either federal taxes or fees for services. Businesses will also pay property taxes which result from local bond indebtedness or special assessments so as not to jeopardize the community's current bonds. Businesses will also pay Michigan's six percent sales tax. The State of Michigan will reimburse school districts, community college districts and public libraries for most of the tax losses, resulting from the tax exemption in a renaissance zone. All tax free renaissance zones began on JANUARY 1, 1997. A business or individual locating into a renaissance zone may receive the tax exemption benefit for as long as that zone's designation lasts. The Flint Renaissance Zone is a 15 year zone. Therefore, eligible businesses and
individuals will be exempt from the zone's taxes based on the breakdown provided in the
following timetable:
There are eleven zones throughout the State of Michigan and each zone varies in size and duration as noted below:
The Flint Renaissance Zone consists of five districts as noted below:
FOR MORE INFORMATION ON THE FLINT RENAISSANCE ZONE, CONTACT COMMUNITY DEVELOPMENT
PROJECT MANAGER, AT (810) 766-7436. |
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